BofA ups TVS Motor stock target price

Bank of America Merrill Lynch BofA-ML has raised the stock target price of TVS Motor Co to Rs 72 from Rs 67 and maintained 8216;neutral8217; rating on back of better realisation and higher financial income.

TVS on Thursday posted a 40 percent rise in net profit to Rs 765.10 million on increased festival season sales and said it was confident of achieving a growth of over 15 percent in the current year.

EBITDA margin improvement of 20 bps y-o-y and qoq reflected stronger sales and better realisations up 7 yoy,more than offsetting input cost pressures,as well as lower product amortization,the Wall street bank said in a note.

At 9.49 a.m shares were at 67 rupees up 0.83 percent.

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